Jun 8, 2016
Integration Success Strategies: Choosing the Right Payments Acceptance Mix for Your Solution
The effectiveness of your integrated solution relies on more than good coding. During our experience guiding independent software vendors (ISVs) through the process of integrating mobile payment SDKs, APIs, and web services, the AIS team has identified several strategies that help set up your solution for success. Spending a little time implementing these strategies today will lead to a big advantage in the future.
While you and the merchants you work with are establishing strong strategic provider partnerships, it’s also time to choose the right payments acceptance mix for your solution. As you’re going through this process with your merchant clients, consider the following questions.
1. What are your current and prospective customers’ preferred payment methods for in-store and online purchases?
Customers may use their credit or debit cards most often, or perhaps you’re noticing more people using emerging forms of payment. For example, contactless payments like Apple Pay and Samsung Pay are becoming more popular because of their convenience and security. Outlining your most common customer use cases and accepting their preferred payment methods are two key ways to increase satisfaction and revenue.
2. “Which forms of payment would you prefer to accept?”
Each payment method has its own set of advantages and disadvantages. For example, funding time, dispute resolution procedures, and international compatibility vary from one method to another. While customer preference is a priority, it’s also important to consider the benefits and costs each form of payment could create for the business.
3. What level of resources do you want to invest in a payment acceptance solution?
Most developers want integration to be efficient, easy, and affordable. In that case, a top-shelf payment gateway and pre-built solutions (like Apriva Integration Solutions’ API, mobile payment SDKs, and web services) are the way to go. These solutions make it simple to add new payment methods without spending time or budget building them from scratch. Plus, they provide flexibility for developers to “future-proof” the solution by making it easy to expand functionality as new payment options enter the market.
Answering these questions and going through the integration process can be intimidating, but working with the right payments integration partner will help ensure a successful rollout now and pave an easier path to growth in the future.